Family Business blends pride and passion with glory and pain. Such businesses come in various shapes and sizes. Many students today find interest in the industry their family members are running for ages. However, they may sometimes worry about their professional profile, not measuring up to BBA graduates. Nothing could be further from reality. Business Schools endeavour to combine a cohort of varied personalities and backgrounds to guarantee discussion depending on your company’s role and business type. Your experience adds a unique point of view to the class.
With courses like BBA (Hons) in the family business, students can join b-schools and acquire knowledge and skills to manage the company. Family business management has evolved as a significant discipline in business schools. The second and third-generation family members realise the demand for specialized skills to take over the reins and develop a corporate work environment.
BBA in Family Business is a UG degree programme. Various universities and colleges offer this course to help students get a global business perspective via a unique learning pedagogy. The family business owns about 70 to 80% of the GDP. This type of business has its challenges. The family business programme is highly suitable for next-generation family business owners, founders, and aspiring entrepreneurs. The course provides you with an opportunity to expand and strengthen the existing business or even start a new business.
As most family businesses are run privately, many keep the members confidential. It isn’t easy to access Quantitative data. Hence, we do not know about transforming the family business from an average to a good company. How can we know what makes a family business great? There is no definition of a profitable enterprise. Financial performance is the only indicator. In fact, over the years of family businesses, specific attributes have developed that can arguably be tied to greatness. Here are the top 5 characteristics most often found in great family businesses-
Robust Financial Performance
Financially robust and great family organizations are also bailiffs of the environment and often lead to eco-friendly products. Besides, communities around the globe benefit significantly from the compassion displayed by great family companies.
Family Participation
The greatness of a family business is also indicated by the level of involvement of the family members. The participation can be in the form of a business leader, board member or employee.
Planning
Family businesses that create a strategic business plan and think via these processes involve others and develop a more decisive direction for the business and family. The planning process helps you to include calculated risk-taking and balances the senior generation’s demand for higher wealth preservation with the younger generation’s desire for the creation of more wealth.
Growth
The excellent family business develops on its core strengths and opportunities. Diversifying into other offerings usually leads to higher career opportunities for the coming generation, which can be significant as the family grows. Many family-owned businesses came into being due to the creation of some innovative product or service.
Multi-Generational Fortitude
There are only about one-third of the family business companies surviving via the second generation. About 12-15 per cent through the third generation. It is challenging to access the fourth generation. Hence, by sheer stamina, that family enterprises company that has made it to the third generation and beyond have already achieved one meaningful measure of greatness.
Today, the combined score of these five characteristics does not exist. However, with the various elements of a family business, a score for greatness will comprise some hard facts such as operating profit, family unity etc.
